Elbit Systems unit buys Belgian electro-optics co

Optronics Instruments & Products is a supplier to the defense and space markets. Financial terms were not disclosed.

1 July 03 11:25, Globes correspondent

Defense contractor Elbit Systems (Nasdaq: ESLT) announced today that its Elop Electro-Optics Industries subsidiary had acquired Belgian company Optronics Instruments & Products N.V. (OIP) from Delft of the Netherlands.

Financial terms were not disclosed.

OIP develops, manufactures and supports electro-optical products, mainly for the defense and space markets. The company employs about 50 workers, and has established long-term relationships with customers in Belgium, other European countries and international customers, Elbit Systems says.

According to Elbit Systems, the acquisition will allow it to provide enhanced access and support to its European customers.

Elbit Systems president and CEO Joseph Ackerman noted, "The acquisition of OIP is in line with our strategy of growth through mergers and acquisitions of complementary companies with high synergistic value. I believe that OIP will significantly enhance our business base in Europe, expand our cooperation with other European industries and provide better support to our customers in NATO and other European countries."

Elbit Systems’ Tel Aviv shares were down 0.7% at NIS 83.50 on Tuesday morning.

Published by Globes [online] - www.globes.co.il - on 1 July, 2003